Over the past few years, the financial service industry has witnessed a far-reaching technology-led modifications, with companies looking for improving the efficiency of their financing departments by incorporating innovative IT solutions. In addition, customers have set their expectations and are demanding added worth for their money, along with seamless experience and better services. The banking software industry, in particular, is filled with a range of activities, which are utilizing resources to create value and benefit society, globally, in terms of understanding, exploring, researching, managing, and utilizing financial services.
It is expected that in the next decade, the banking industry will witness both revolution and evolution, in terms of facilitating global, multi-service, low-cost, and digital banking. However, with the growth in the banking software industry, there is an increasing demand of regulators to counter the upsurge in financing of terrorism and money laundering incidences.
According to the latest research report by BIS Research, titled ‘Global Anti Money Laundering (AML)…ecast (2017-2023)’, the global Anti-Money Laundering (AML) software market is expected to reach $1.42 billion by 2023. The growth in the AML software market can be significantly attributed to the following factors: monitoring suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory bodies along with analysis of historical consumer data analysis for risk management.
On-premise deployment type contributed the largest share to the AML software market in 2016, owing to high level of consumer data security provided as compared to cloud deployment. However, cloud deployment is expected to witness the highest growth rate during the forecast period. This delivery model requires monthly or yearly subscriptions which are cheaper as compared to on-premise deployment software. The widespread adoption of cloud based delivery model will be witnessed in future due to the low entry cost as compared to on-premise deployment model. The cloud based deployment model involves the combination of cloud computing with wireless sensor networking, and mobile computing to automatically provide the users with the required data.
Transaction monitoring software had the highest penetration rate in the overall AML software market in 2016, followed by currency transaction reporting, customer identity management, compliance management software, and others. Transaction monitoring software accounted for highest market share in the AML software market for the year 2016, owing to generate full-fledged analysis of a customer, thereby facilitating prediction of risk levels and future money laundering activities, along with providing reports and creating alerts for suspicious activities.
Companies Mentioned in the Report:
- ACI Worldwide
- AML Partners
- BAE Systems
- Global Radar
- Route Trading
- Safe Banking Systems
- Infrasoft Technologies Ltd.
- Experian PLC
- Fiserv Inc.
- NICE Actimize
- Oracle Corporation
- Inetco Systems Limited
Key Questions Addressed in the Report:
- What are the major market drivers, challenges and opportunities in the global AML software market?
- What is the supply chain for the global AML software market?
- What is the market value of AML software market for different software?
- What is the market value of AML software market for different deployment type on the basis of on-premise and cloud?
- What is the market value of AML software market on the basis of different geographical regions?
- Which geographical location will dominate the AML software market?
- What will be the growth rate of different segments of the AML software market during the forecast period?
- Who are the key players for the AML Software market?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- What is the market share of the leading players in the global AML software market for 2016?
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